Not much economic news today with just a report from the New York Federal Reserve on manufacturing activity in the region. The Empire State Index in October fell to 1.5, the worst level in five months and below the 4.5 expected and down from the 6.3 registered in September. There was no indication of the impact on manufacturing due to the government shutdown.
The government shutdown is now in its 15th day as lawmakers in Washington have not yet reached a deal to reopen the government or come to an agreement on the debt ceiling. If a debt ceiling deal is not reached by Thursday October 17, the administration would have to delay or possibly suspend Social Security checks, food stamps and unemployment benefits. Aside from the U.S. not being able to make payments on its debt obligations, the decline in government spending could be a big drag on economic growth.
In what is becoming increasingly popular among retailers, Macy's is the latest to announce that it will open its doors to consumers on Thanksgiving, opening at 8:00pm. The usual start for the holiday shopping season was the day after Thanksgiving or Black Friday, when retailers usually move into the black with the surge in sales. "In the black", in accounting terms, is an expression that alludes to the practice of recording losses in red and profits in black.
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